After nearly five years of exiting the US capital market due to a financial fraud scandal, Luckin Coffee is considering a return to the US stock market.
According to domestic media reports, a recent video released by the Xiamen federation of industry and commerce shows that Luckin Coffee CEO Guo Jinyi announced at an event that the company is preparing to relist in the US. Guo stated that once the listing is completed, Luckin Coffee will help make Xiamen a more attractive global business and investment destination. However, he did not disclose specific progress regarding the relisting.
In response, Luckin Coffee sent an email statement to the media, saying, "The company has always been committed to the US capital market, but there is currently no clear timetable for relisting on the main board. Our primary focus now is on strategic execution, deepening business operations and development, while continuously enhancing our brand influence and market competitiveness."
Founded in 2017, Luckin Coffee established its headquarters in Xiamen in 2018. In May 2019, it was listed on NASDAQ in the United States, but was forced to delist in June 2020 following a scandal involving a US$310 million revenue fraud, subsequently paying a fine of about US$180 million.
After undergoing a comprehensive internal and external investigation and serious measures, related original shareholders and teams exited, with Dawn Capital taking full control as the new majority shareholder and management team, allowing the Luckin Coffee brand to continue.
In April of this year, Luckin Coffee announced that Guo Jinyi would no longer serve as chairman, but would continue as CEO and director. At the same time, the board approved the appointment of Li Hui to rejoin the board and serve as chairman. Li Hui is currently the chairman and CEO of Dawn Capital, which is the largest shareholder of Luckin Coffee.
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